Sda Primary School, Waterloo Group
With the loan, some of the staff members will start a small business, and those who are already running small businesses will invest the loan in their businesses. Some of the staff members will be using the loan to buy pieces of furniture, others to pay either for their children's education or pay for themselves to pursue further studies. Others will use their loan in building a house (buying building materials).
Government salaries are usually quite small for teachers, thus maK. teaching an unattractive profession for many whose primary motivator is money. Many choose other jobs over teaching because of the small salary, thus starving the field of qualified personnel to teach the children. The few who remain in the classrooms have to find alternative means of maK. ends meet. The vast majority of them engage in either business or agriculture or they provide extra tutorial classes for the children (although this is a practice the government is trying to stop). Needless to say, loans from SMT are a great help to the teachers in order to boost their businesses or invest in something productive. Many want to go to school but could not afford the cost. Some will want to buy pieces of furniture, but their monthly salaries are not enough to let them do so. With a loan, they will be able to meet some of these needs. And with their monthly salaries, they can repay easily via a payroll deduction type of system.
Sixty years old, Josephine A. S. (first row, second from left) is the Head Mistress of the Lower Primary school. She is a widow with four children, all of whom are now grown-ups. Mrs. S. was born and bred in Waterloo. She has been in the teaching profession for thirty-five years. At home, Mrs. S. is also a businesswoman. She has a small stall where she sells market food. With this loan, she will buy items like onions, palm-oil (the most popular cooK. oil), peppers, salt, etc. to add to her business.
Note: SMT has just opened a new branch in Waterloo. SDA Primary School is the second institution to receive a loan from SMT at this branch. Waterloo is twenty miles (32 km) from Freetown.
About Salone Microfinance Trust (SMT)Salone Microfinance Trust (SMT) is Kiva’s oldest field partner in Sierra Leone. SMT began operations in 2002 as a microcredit program of the NGO Child Fund Sierra Leone under a USAID program to assist the reintegration of ex combatants back into their communities. Today, SMT offers group, agricultural, individual and salary loans to micro-entrepreneurs through six branches and one sub-branch in rural, urban, and peri-urban areas. By providing small loans and other financial services, SMT empowers poor clients to generate more income to help their families, improve their wellbeing, and create a more vibrant private small-business sector in Sierra Leone.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid